CFA Level 1: 2020/2021 Curriculum Changes (vs. 2019)
Summary:
- 2020 L1 has 57 readings: 1 reading removed, none added.
New
Updated
- 14 readings updated: Mostly small changes, except FRA.
Removed
Moved
- Overall, lots of small updates, no major content changes.
Topic
Ethics
Quantitative Methods (QM)
Economics
Financial Reporting &
Analysis (FRA)
Corporate Finance
Equity
Fixed Income
Derivatives
Alternative Investments
Portfolio Management
(PM)
Reading #
Reading Name
Comments
1
Ethics and Trust in the Investment Profession
Minor changes: 2 LOS added
2
Code of Ethics and Standards of Professional Conduct
3
Guidance for Standards I-VII
4
Introduction to the Global Investment Performance Standards (GIPS)
5
Global Investment Performance Standards
6
The Time Value of Money
7
Discounted Cash Flow Applications
87
Statistical Concepts & Market Returns
98
Probability Concepts
10 9
Common Probability Distributions
11 10
Sampling & Estimation
12 11
Hypothesis Testing
Minor changes: 1 LOS added
13
Technical Analysis
Moved to Portfolio Management
14 12
Topics in Demand & Supply Analysis
15 13
The Firm & Market Structures
16 14
Aggregate Output, Prices and Economic Growth
17 15
Understanding Business Cycles
18 16
Monetary & Fiscal Policy
19 17
International Trade and Capital Flows
20 18
Currency Exchange Rates
21 19
Introduction to Financial Statement Analysis
22 20
Financial Reporting Standards
Major revision: 9 LOS removed, 5 added
23 21
Understanding Income Statement
Minor changes: 1 LOS updated
24 22
Understanding Balance Sheet
25 23
Understanding Cashflow Statement
26 24
Financial Analysis Techniques
27 25
Inventories
28 26
Long Lived Assets
29 27
Income Taxes
30 28
Non-Current (Long-Term) Liabilities
31 29
Financial Reporting Quality
32 30
Applications of Financial Statement Analysis
33 31
Introduction to Corporate Governance & Other ESG Considerations
34 32
Capital Budgeting
35 33
Cost of Capital
36 34
Measures of Leverage
37 35
Working Capital Management
44 36
Market Organization & Structure
45 37
Security Market Indices
46 38
Market Efficiency
47 39
Overview of Equity Securities
48 40
Introduction to Industry & Company Analysis
49 41
Equity Valuation: Concepts & Basic Tools
50 42
Fixed-Income Securities: Defining Elements
51 43
Fixed-Income Markets: Issuance, Trading, Funding
52 44
Introduction to Fixed-Income Valuation
53 45
Introduction to Asset-Backed Securities
54 46
Understanding Fixed-Income Risk and Return
55 47
Fundamentals of Credit Analysis
56 48
Derivative Markets & Instruments
Minor changes: 1 LOS added
57 49
Basics of Derivative Pricing & Valuation
Minor changes: 1 LOS added, 1 removed
58 50
Introduction to Alternative Investments
Minor changes: 1 LOS removed
38 51
Portfolio Management: An Overview
Minor changes: 1 LOS added
39 52
Portfolio Risk & Return: Part I
Minor changes: 1 LOS added
40 53
Portfolio Risk & Return: Part II
41 54
Basics of Portfolio Planning & Construction
42 55
Introduction to Risk Management
13 56
Technical Analysis
43 57
Fintech in Investment Management
Minor changes: 2 LOS removed
Minor changes: 3 LOS merged into 2
Minor changes: 1 LOS added
Minor changes: 1 LOS added
Minor changes: 1 LOS added
Moved from Quantitative Methods
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